Senators Helped Secure Funding for the State Small Business Credit Initiative Through the American Rescue Plan
WASHINGTON, DC – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) Thursday announced that the U.S. Department of the Treasury will be providing up to $236,990,950 to the state of Michigan as part of the State Small Business Credit Initiative (SSBCI). This federal investment will be used to expand small business lending programs and a venture capital fund investment program. This funding comes after the Senators successfully led efforts to enact significant funding for the program as part of the American Rescue Plan Act that was signed into law last year and urged the Treasury Department to use these relief funds for small businesses to restore and strengthen domestic manufacturing. Peters and Stabenow also championed the original language that established the program in the Small Business Jobs Act of 2010 as members of the U.S. House and Senate, respectively.
“As we work to bolster our economic recovery, we must ensure that Michigan small businesses have the resources they need to stay afloat,” said Senator Peters. “This funding will directly help our small business community create jobs, adapt operations and support local economies across our state. The State Small Business Credit Initiative is a proven success, and I’m pleased that the program I helped champion will continue to support businesses right here in Michigan.”
“The COVID-19 crisis has taken an incredible toll on small businesses in our state and made us appreciate even more their importance to our communities and our economy,” said Senator Stabenow. “Given the stress of this pandemic on so many small businesses, access to capital is more important than ever. This funding will help our businesses create jobs, help our economy recover, and strengthen domestic manufacturing—helping to prevent further delays and disruptions to U.S. supply chains.”
“Our small businesses are the backbone of our nation’s economy and here in Michigan, we’re committed to doing all we can to provide the support, resources and opportunities they need to grow and thrive,” said Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation (MEDC). “We’re grateful and proud to be among the first states to receive this critical allocation and appreciate the steadfast partnership of Senator Peters, Senator Stabenow and the entire Whitmer-Gilchrist Administration in securing this additional SSBCI funding. This approved application only continues the work. We look forward to building on this progress over the coming year as we lift up small businesses throughout Michigan.”
“These investments through the American Rescue Plan will support key industries, including advanced manufacturing, and expand access to capital for entrepreneurs and business owners,” said Deputy Secretary of the Treasury Wally Adeyemo. “Treasury will continue working with Michigan to help make sure that this funding is having maximum impact across the state to promote economic growth.”
Peters and Stabenow have secured relief to help Michigan small businesses through the pandemic. Among their efforts, Peters and Stabenow helped pass and enact the Paycheck Protection Program (PPP) Extension Act that extended the PPP application period, providing loans to small businesses impacted by the COVID-19 pandemic to help pay their employees and other expenses. Peters and Stabenow also helped secure $7 billion for the PPP, as well as $25 billion in grants for hard-hit restaurants and bars and $15 billion for Economic Injury Disaster Loan Advance grants as part of the American Rescue Plan. Peters and Stabenow also reintroduced legislation to reauthorize and provide $10 billion in federal funding to the State Small Business Credit Initiative.